Diodes Incorporated · NASDAQ:DIOD
Diodes — Diodes Inc /Del/ — Q1 2024 Earnings Presentation
18 slides from Diodes's earnings presentation, May 9, 2024
Slide 1: First Quarter 2024 Financial Results
First Quarter 2024 Financial Results Diodes Incorporated (DIOD) Plano, TX, USA May 9, 2024 Exhibit 99.2
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in
Slide 3: About Diodes Incorporated
About Diodes Incorporated Vision: Profitability Growth to Maximize Shareholder Value Our Core Values: Integrity, Commitment, Innovation Diodes delivers high-quality (analog, discrete, and mixed signal) semiconductor products to the world’s leading companies in the automotive, industrial, computing,
Slide 4: Longer Term Corporate Objectives
Longer Term $B Corporate Objectives Goal 1: $1B Market Cap Goal 2: $1B Annual Revenue Goal 3: $1B Gross Profit Goal 4: $1B Profit Before Tax $1B Market Cap $1B Revenue $1B Gross Profit $1B PBT - 2010 - 2017 2025+ Target: $1B Gross profit Gross Margin: 40% Revenue: $2.5B 2025+
Slide 5: Targeted Market Segment Goal
Targeted Market Segment Goal Automotive Connected driving, comfort/style/safety, electrification/powertrain Industrial Embedded systems, precision controls, medical, clean energy, machine to machine, motor control, and AIoT Consumer IoT: wearables, home automation, home appliances, smart infrastruct
Slide 6: Profitability Growth Track Record of Continued Outperformance
Profitability Growth Track record of Continued Outperformance Annual Revenue Gross Profit ($ in millions) ($ in millions) CAGR: 12% (2005 – 2023) CAGR: 13% (2005 - 2023)
Slide 7: Gross Margins and EPS
Gross Margins and EPS Gross Margins (%) Non-GAAP EPS ($) CAGR: 22% (2012 - 2023)
Slide 8: 1QFY24 Highlights
1QFY24 Highlights First quarter represented low point in market demand Automotive and Industrial totaled 41% of product revenue, eighth consecutive quarter exceeding 2025 target of 40% Total debt ~$70 million $280 million in cash and cash equivalents* * Cash and cash equivalents, restricted cash and
Slide 9: 1QFY24 Performance
1QFY24 Performance $302M -6.4% Q-Q Revenue $99.6M GAAP Gross Profit -11.5% Q-Q 33.0% - 190 bps Q-Q GAAP Gross Margin $0.28 -45% Q-Q Non-GAAP EPS $13M -44% Q-Q Non-GAAP Net Income $48.3M EBITDA 17% of Revenue $31.1M Cash Flow from Ops $280M/$70M Strong Balance Sheet Cash*/Debt 10.3% of Revenue * Cash
Slide 10: Revenue Profile for First Quarter 2024
Revenue Profile for First Quarter 2024 By Channel Distribution Direct By Region Asia Pacific Europe Americas By End Market Computing Consumer Industrial Communications Automotive 20% 14% 25% 23% 18% 61% 39% 75% 16% 9%
Slide 11: Quarterly Performance
Quarterly Performance Quarterly Gross Profit ($ Millions) Quarterly Revenue ($ Millions)
Slide 12: Income Statement – First Quarter 2024
Income Statement – First Quarter 2024 ($ in millions, except EPS) 1Q23 4Q23 1Q24 Net sales 467.2 322.7 302.0 Gross profit (GAAP) 194.5 112.5 99.6 Gross profit margin % (GAAP) 41.6% 34.9% 33.0% Net income (GAAP) 71.2 25.3 14.0 Net income (non-GAAP) 73.4 23.4 13.0 Diluted EPS (non-GAAP) 1.59 0.51 0.28
Slide 13: Balance Sheet
Balance Sheet ($ in millions) Dec 31, 2022 Dec 31, 2023 Mar 31, 2024 Cash* 348 329 280 Inventory 360 390 429 Current Assets 1,162 1,187 1,201 Total Assets 2,288 2,368 2,356 Total Debt 185 62 70 Total Liabilities 705 558 531 Total Equity 1,583 1,810 1,825 * Cash and cash equivalents, restricted cash
Slide 14: Second Quarter 2024 Business Outlook
Revenue to be ~$316 million, +/- 3.0% represents 4.6% sequential increase at the mid-point GAAP gross margin of 33.5%, +/- 1% Non-GAAP operating expenses 28.5% of revenue, +/- 1%, which are GAAP operating expenses adjusted for amortization of acquisition-related intangible assets Net Interest income
Slide 15: Investment Summary
Investment Summary Vision: Expand shareholder value Mission: Profitability growth to drive 20%+ operating profit Next Strategic Goal: $1B gross profit Tactics: Total system solutions sales approach and content expansion driving growth Focus on key accounts Increased focus on high-margin automotive,
Slide 16: Thank you
1un CORPORATE D Thank you www.diodes.com
Slide 17: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income to Adjusted Net Income For the three months ended March 31, 2024 (in thousands, except per share data) (unaudited) Note: Included in GAAP and non-GAAP net income was approximately $4.0 million, net of tax, non-cash share-based compensation expense. Excluding share-based
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation For the three months ended March 31, 2023 (in thousands, except per share data) (unaudited) Note: Included in GAAP and non-GAAP adjusted net income was approximately $7.7 million, net of tax, non-cash share-based compensation expense. Excluding share-based compensatio